[Federal Register Volume 63, Number 29 (Thursday, February 12, 1998)]
[Notices]
[Pages 7179-7180]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-3599]
=======================================================================
-----------------------------------------------------------------------
JUDICIAL CONFERENCE OF THE UNITED STATES
Revision of Certain Dollar Amounts in The Bankruptcy Code
Prescribed Under Section 104(B) of The Code
AGENCY: Judicial Conference of the United States.
ACTION: Notice is provided that various dollar amounts in title 11,
United States Code, are increased.
-----------------------------------------------------------------------
SUMMARY: Section 108 of the Bankruptcy Reform Act of 1994 established
the mechanism for the automatic three-year adjustment of dollar amounts
in certain sections of the Bankruptcy Code by adding subsection (b) to
section 104 of title 11. That provision states:
(b)(1) On April 1, 1998, and at each 3-year interval ending April 1
thereafter, each dollar amount in effect under [the designated sections
of the code] immediately before such April 1 shall be adjusted--
(A) to reflect the change in the Consumer Price Index for All Urban
Consumers, published by the Department of Labor, for the most recent 3-
year period ending immediately before January 1 preceding such April 1,
and
(B) to round to the nearest $25 the dollar amount that represents
such change.
(2) Not later than March 1, 1998, and at each 3-year interval
ending on March 1 thereafter, the Judicial Conference of the United
States shall publish in the Federal Register the dollar amounts that
will become effective on such April 1 under sections 109(e), 303(b),
507(a), 522(d), and 523(a)(2)(C) [of the Bankruptcy Code].
(3) Adjustments made in accordance with paragraph (1) shall not
apply with respect to cases commenced before the date of such
adjustments.
Revision of Certain Dollar Amounts in Bankruptcy Code
Notice is hereby given that the dollar amounts are increased in the
sections in title 11, United States Code, as set out in the following
chart. These increases do not apply to cases commenced before the
effective date of the adjustments, i.e., April 1, 1998. Official
Bankruptcy Forms 6E and 10 also will be amended to reflect these
adjusted dollar amounts.
----------------------------------------------------------------------------------------------------------------
11 U.S.C. Dollar amount to be adjusted New (adjusted) dollar amount
----------------------------------------------------------------------------------------------------------------
Section 109(e)--allowable debt limits $250,000 (each time it appears).... $269,250 (each time it appears).
for filing bankruptcy under Chapter 750,000 (each time it appears)..... 807,750 (each time it appears).
13.
Section 303(b)--minimum aggregate
claims needed for the commencement of
an involuntary bankruptcy:
(1)--in paragraph (1)............. 10,000............................. 10,775.
(2)--in paragraph (2)............. 10,000............................. 10,775.
Section 507(a)--priority claims:
(1)--in paragraph (3)............. 4,000.............................. 4,300.
(2)--in paragraph (4)(B)(i)....... 4,000.............................. 4,300.
(3)--in paragraph (5)............. 4,000.............................. 4,300.
(4)--in paragraph (6)............. 1,800.............................. 1,950.
Section 522(d)--value of property
exemptions allowed to the debtor:
(1)--in paragraph (1)............. 15,000............................. 16,150.
(2)--in paragraph (2)............. 2,400.............................. 2,575.
(3)--in paragraph (3)............. 400................................ 425
8,000.............................. 8,625.
(4)--in paragraph (4)............. 1,000.............................. 1,075.
(5)--in paragraph (5)............. 800................................ 850
7,500.............................. 8,075.
[[Page 7180]]
(6)--in paragraph (6)............. 1,500.............................. 1,625.
(7)--in paragraph (8)............. 8,000.............................. 8,625.
(8)--in paragraph (11)(D)......... 15,000............................. 16,150.
Section 523(a)(2)(C)--``luxury goods 1,000 (each time it appears)....... 1,075 (each time it appears).
and services'' or cash advances
obtained by the consumer debtor
within 60 days before the filing of a
bankruptcy petition, which are
considered nondischargeable.
----------------------------------------------------------------------------------------------------------------
FOR FURTHER INFORMATION CONTACT: Francis F. Szczebak, Chief, Bankruptcy
Judges Division, Administrative Office of the United States Courts,
Washington, D.C. 20544, telephone (202) 273-1900.
Dated: February 3, 1998.
Francis F. Szczebak,
Chief, Bankruptcy Judges Division.
[FR Doc. 98-3599 Filed 2-11-98; 8:45 am]
BILLING CODE 2210-01-P
